This regulator is coming for NFTs | Yuga investigation

The SEC has opened a probe into Yuga Labs, the creator of Bored Ape Yacht Club, and will decide whether or not their NFTs were sold as unregistered securities.

This is the first major clash between one of the top regulatory agencies and the world of NFTs and could have major repurcussions throughout the space.

In this video I talk about Gary Gensler, the man leading the SEC’s charge on crypto, and recent news events that could call his neutrality into question.

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1:20 Gary Gensler’s wants to rule over crypto
2:45 something is off
5:38 the media is going to love this
6:03 what if you don’t live in the U.S.?

Hey guys it’s John Carlo welcome back so Yesterday we had a huge story hit the World of nfts when it was reported that The SEC which is the government agency Primarily tasked with regulating Investment Securities such as public Companies on the stock market they were Investigating Yugo labs and trying to Figure out whether or not they were Selling unregistered Securities through The form of nfts now you may know Hugo Labs as the creator of board ape yacht Club which let’s face it is probably the Most famous nft in the world you know Chances are if you took somebody off the Street and asked them to name you five Nfts first they might not know what an Nft is but if we assume that they do They would probably name board Avion Club and they might not even be able to Name any other nft beyond that and that Just shows how big the Gap is in the Public eye and in fact it’s not just Board Apes right Yuga Labs actually Controls five of the top eight nft Collections and accounts for 25 of the Entire market cap of nfts so this is a Big deal and the results of this Investigation could have repercussions Throughout the entire space now at this Point we don’t know a ton about this Probe other than the fact that what is Happening and that they’re looking at Yuga nfts as well as apecoin which is a

Currency that Yugo Labs released earlier This year but what we do know is that This is the latest in a series of Skirmishes and lawsuits and threats that Have been coming out of the SEC and Targeting cryptocurrencies of all kinds And perhaps the reason why the Government is taking an increasingly Aggressive stance towards crypto is Because of this guy this is Gary gamzler The head of the SEC and when Gary isn’t Busy putting his fingers in his ears and Ignoring all the blatant insider trading That’s happening in Congress he’s Spending his free time trying to come up With cool new ways to regulate crypto For example earlier this year the SEC Opened a probe into coinbase because of Its staking accounts which they claimed Were unregistered Securities and this Brought out a huge Twitter thread by Coinbase CEO Brian Armstrong who Basically said that the SEC is enforcing Through litigation instead of actually Giving Clarity and useful advice about How to launch these products more Recently Gary’s been been making the Claim that most cryptocurrencies are Securities and that they would fall Under the power of surprise surprise his Agency and therefore himself and he’s Also said that ethereum post merge could Be a security as well because of the Proof of stake model and that the United

States has jurisdiction over all of Ethereum because most of the validating Nodes are located within the U.S now What’s funny about all this is that Originally people thought Gary was going To be soft on crypto because prior to Joining the SEC he was a professor at MIT teaching a class on blockchain Technology but it turned out that this Was basically that Star Wars meme where Obi-Wan is like you were supposed to Destroy the Sith not join them because Gary turned out to be one of the most Aggressive heads of the SEC in regards To crypto that I think we’ve ever had And while you might think that you know We should give him the benefit of the Doubt and maybe Gary just knows more About crypto than his predecessors and He’s taking a more thoughtful approach To what could be a world-changing Technology it’s starting to become Pretty clear that the motivation is Perhaps a little more selfish than that It turns out that Gary has gotten a Reputation for being a pretty ambitious Guy and this might be affecting his Decisions if we take a look at this Fortune article from last week the Reasons for gensler’s Behavior are no Secret ask anyone in Washington DC and They’ll tell you he is gunning to be Treasury secretary after Janet Yellen Leaves the post this includes a senior

Lawyer who worked closely with Gensler At the SEC and told me this summer he is Doubling down on theatrical enforcement Actions in hopes of pleasing Senator Elizabeth Warren who has President Joe Biden’s ear on financial policy and you May also recall that recently the SEC Charged Kim Kardashian for promoting a Crypto Ponzi last year which okay I’m All for celebs getting you know heat and Pressure for hyping up scams even if the Fine is only like 0.1 percent of Kim Kardashian’s net worth but at least it’s Something however Gary’s own staff later Came to the media and said that again he Was using the story as a way to prop Himself up including a bizarre Infomercial along with her decision [Music] Whoa SEC enforcement staffers are Complaining Gary Gensler violated Protocol by hyping Kim Kardashian’s Settlement appearing on CNBC within Minutes of the case being announced People with direct knowledge tell Fox Business they are calling it a publicity Stunt now to be clear regulation isn’t Necessarily A Bad Thing and it’ll Probably bring a bunch of benefits to The space you know as we all know crypto Is this wild west right now where Everybody’s just expected to protect Themselves and that can work until it Doesn’t as we saw earlier this year with

The case of Luna and Celsius where Retail investors got absolutely wrecked And yeah could have used some protection And without any regulation you know We’ll probably see a much lower adoption Curve with bigger and bigger scams along The way and even putting just some basic Rules would encourage Brands Institutions to participate more with The technology and to release more Crypto-friendly products and look I Think most of you would agree with that Unless you’re some all-out libertarian But the problem is that Gary Gensler Started to look like he has an agenda And it’s starting to get get more Difficult to say that he’s a neutral Actor when all his decisions just happen To lie on the side that gives him more Power I also have this feeling that Things are just going to get worse from Here and maybe not necessarily for Apecoin and Yuga Labs because I do think They had like extensive legal due Diligence before launching apecoin and They probably prepare for this and saw It coming and so I think they’ll be okay But I just think we’ll see more of this Enforcement through litigation that Brian Armstrong was talking about and Just not helping creators understand the Rules that in some cases were made a Hundred years ago and don’t apply Perfectly to digital assets and lastly

I’m afraid that the media and the General public is just going to give Them a free pass because I don’t know if You’ve noticed but crypto doesn’t have The best reputation right now and There’s a lot of misinformation out There that has turned a lot of people Against crypto and journalists right now Are addicted to this like click bait Type of article that always dumps on Crypto and they’re gonna love a series Of articles on how crypto’s being Regulated out of Oblivion which all kind Of sucks and for those watching this That don’t live in the U.S and are going Like this kind of sucks for you but Doesn’t really relate to me the fact of The matter is that Yuga Labs is Incorporated in the US openc is Incorporated in the U.S many of yuga’s Partners are going to respect you as Laws if they’re not Incorporated here And so no you don’t have to be afraid of Gary Gensler you know reaching into your Metamask and stealing your jpegs but They can effectively minimize the Liquidity and the effectiveness of these Nfts and so yeah you should probably be Paying attention to it anyways that’s All I have let me know what you think in The comments below I’ll try to reply to A few of these is all this good it’s Gary actually looking out for investors Again let me know and I’ll capture the

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